Free Republic

SHANGHAI—China Huarong Asset Management Co., Ltd., a state-owned asset management company, sought to turn the page on a deep annual loss on Aug. 30, as its chairman said it was in talks with potential new strategic investors alongside a CITIC-led (CITIC Group Corporation Ltd., a state-owned investment company) consortium.Wang Zhanfeng, on a call a day after releasing earnings results, said many investors continue to have faith in Huarong and that it was speaking with new potential domestic and foreign strategic investors.On Aug. 29, Huarong announced a first-half 2021 profit of $24.5 million and a nearly $16 billion loss for 2020....

Chinese bad-debt assets management company Huarong just showed the world how the Beijing authorities save troubled state-run companies that it deems too big to fail.China’s top distressed assets manager, state-owned China Huarong Asset Management Co., said on Aug. 19 that five state-owned financial institutions would invest in it after the company announced a net loss in 2020 of 102.9 billion yuan ($15.84 billion) late Wednesday.In the same announcement, the Beijing-based company listed its debt-to-assets ratio as 90.3 percent at the end of June 2020, with total assets valued at 1.73 trillion yuan ($266.6 billion) and total debt at 1.56 trillion...